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Ola Electric’s Secretary and Compliance Officer Pramendra Tomar resigns

YourStoryYourStory · 9m ago
Ola Electric’s Secretary and Compliance Officer Pramendra Tomar resigns
Medial

- Pramendra Tomar, secretary and compliance officer of Ola Electric, has resigned citing personal reasons and commitments. - The resignation is effective from October 1, according to a BSE filing. - Ola Electric is in the process of appointing a new candidate for the position of company secretary. - Tomar joined Ola Electric in 2022 and has considerable experience as a corporate lawyer and in company secretarial positions. - Ola Electric's shares have been struggling at the stock exchanges, with the price dropping below Rs 100 on Monday but regaining some ground on Tuesday. - The company reported a second straight month of sales drop in September, while competitors such as Ather Energy, TVS Motor, and Bajaj Auto saw sales numbers rise. - Ola Electric has been facing numerous complaints about its vehicles, and it has created a new service team to address these issues. - In September, Ola Electric introduced the 'Network Partner Program' to expand its sales and service networks across India and onboard 10,000 partners by 2025. - Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric (Disclaimer).

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Ola Electric appoints new compliance officer

EntrackrEntrackr · 6m ago
Ola Electric appoints new compliance officer
Medial

Ola Electric appoints new compliance officer Bengaluru-based Ola Electric Mobility Limited announced the appointment of Pritam Das Mohapatra as the new company secretary and compliance officer. The board of directors approved the decision during their meeting on December 30, 2024, with the appointment taking effect immediately. The appointment follows the resignation of Pramendra Tomar two months ago, who stepped down as the company's secretary and compliance officer due to personal reasons and commitments. Mohapatra brings over 14 years of experience in corporate laws, compliance, fundraising, IPO listings, and corporate governance. He is an associate member of the Institute of Company Secretaries of India. His previous experience includes roles at Merabo Labs Private Limited, ANI Technologies Private Limited, Ola Fleet Technologies Private Limited, and Zuari Infraworld India Limited. In his new role, Mohapatra will be responsible for overseeing the company’s regulatory compliance and governance framework, ensuring adherence to SEBI regulations and corporate governance standards. Last week, Ola Electric announced the resignation of two senior management personnel – Anshul Khandelwal, Chief Marketing Officer, and Suvonil Chatterjee, Chief Technology and Product Officer – with immediate effect.

Ola Electric’s CBO Ankush Aggarwal joins Ola Financial Services as CEO

EntrackrEntrackr · 1y ago
Ola Electric’s CBO Ankush Aggarwal joins Ola Financial Services as CEO
Medial

ANI Technologies, the parent company of ride hailing company Ola, has appointed Ankush Aggarwal as the chief executive officer of Ola Financial Services. His appointment comes on the backdrop of resignation of Hemant Bakshi as CEO of the ride hailing business. Bakshi was leading the mobility business along with a focus on key businesses such as financial services, logistics, and e-commerce. As per an ET report, Ankush Aggarwal will be a part of the senior leadership of Ola Cabs. In March 2022, Ankush Aggarwal (brother of Ola’s founder Bhavish Aggarwal) sold his startup Avail Finance to ANI Technologies for about $50 million in a share swap deal. After the deal, he joined Ola Electric, a separate company founded by Bhavish Aggawral, as the chief business officer (CBO). While Ola is yet to name the new chief executive of the ride hailing business, Bhavish Aggarwal will look after the day-to-day operations of the company. Entrackr has reached out to Ola for comment. Earlier this year, Ola announced that it had turned EBITDA profitable in FY23. During the period, its revenue jumped 42% to Rs 2,799 crore as compared to Rs 1,970 crore in FY22. The firm managed to cut down its losses by nearly 50% to Rs 772 crore during FY23 against Rs 1,522 crore in the previous year. Also Read: Startups rope in new CEOs amid cash crunch, layoffs, profitability and IPO plans Ola Money, which is operated by Ola Financial Services, recorded Rs 85.5 crore revenue with a loss of Rs 54.6 crore while the cab leasing firm Ola Fleet Technologies’ revenue stood at Rs 189.9 crore with Rs 387.6 crore loss in FY23. Last month, Ola announced that it is rolling back its services from international markets such as the UK, Australia and New Zealand. ​​The move is likely due to its shift in attention towards launching an initial public offering. As per media reports, Ola is gearing up for the IPO and has finanlised book running lead managers for going public.

Ola Electric receives SEBI warning over disclosure violation

EntrackrEntrackr · 6m ago
Ola Electric receives SEBI warning over disclosure violation
Medial

Ola Electric receives SEBI warning over disclosure violation Ola Electric Mobility Limited received an administrative warning from the Securities and Exchange Board of India (SEBI) on Tuesday for violating several regulations. In a stock exchange filing, Ola Electric disclosed that the warning pertains to the dissemination of material information about a planned expansion of its store network. SEBI observed that the company’s Chairman, Bhavish Aggarwal, announced the expansion on social media before it was disclosed to stock exchanges, thereby breaching regulations that require the timely and equal dissemination of material information. Last month, Ola Electric announced plans to open 3,200 new stores, aiming to expand beyond metro and tier I and II cities into smaller towns and tehsils. The warning letter highlighted violations of regulations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These regulations mandate that listed entities provide timely and equal access to relevant information for all investors, ensuring transparency and fairness. SEBI has advised Ola Electric to improve its compliance standards and warned of potential enforcement actions if such violations recur. Last week, Ola Electric appointed Pritam Das Mohapatra as the new Company Secretary and Compliance Officer. In his new role, Mohapatra will be responsible for overseeing the company’s regulatory compliance and governance framework to ensure adherence to SEBI regulations and corporate governance standards. In a separate development, Ola Electric has been granted a six-week extension by the Karnataka High Court to respond to a Show Cause Notice issued by the Central Consumer Protection Authority (CCPA). The Bengaluru-based company received the notice in October last year due to an increase in consumer complaints, citing alleged violations of consumer rights, misleading advertisements, and unfair practices.

Decoding Ola Electric’s RHP fine print and FY24 numbers

EntrackrEntrackr · 11m ago
Decoding Ola Electric’s RHP fine print and FY24 numbers
Medial

Electric mobility company Ola Electric received approval from SEBI for its IPO and filed the red herring prospectus (RHP) on July 26. The company aims to raise Rs 6,146 crore ($740 million) which includes a fresh issue of Rs 5,500 crore ($662.7 million) and an offer for sale of up to 84,941,997 shares amounting to Rs 646 crore ($77.8 million) considering upper limit (Rs 76) of the price band. The company has set a price of Rs 72 to 76 per share. Ola Electric’s IPO will be open on August 2 for retail investors and their anchor book for its initial public offering (IPO) will open on August 1, 2024. The closing date of the IPO is August 6, 2024. It has appointed Kotak, BOFA Securities, Axis Capital, SBI Capital, CITI, Golaman Sachs, ICICI and BOB Capital as their lead managers. Entrackr has reviewed Ola Electric’s DRHP to decode its IPO blueprint. Ola Electric’s current captable According to the revised DRHP, Bhavish Aggarwal is the largest stakeholder in Ola Electric with 36.94% followed by SoftBank which holds 21.98%. Tiger Global commands 6.03% while Alpha Wave and Matrix Partners (now Z47) hold 3.49% and 3.43%, respectively. At the same time, Ola Electric’s employee stock options (ESOPs) pool stood at 7.67% of the total share capital. Who is selling in the IPO? Apart from Hyundai Motor and ANI Technologies (Ola Cabs), every major stakeholder is participating in Ola Electric’s offer for sale. During the sale of 84.9 million shares, Aggarwal is offloading 37.91 million shares amounting to Rs 288.2 crore at Rs 76 per share (upper limit of the price band), representing 2.78% of his total shareholding in Ola Electric. SoftBank will dilute its stake by 2.68% with 1.48x returns, and Tiger Global will sell 1.99% of its holding marking 6.5x gains. Alpha Wave and Temasek will sell 2.68% and 0.16% of their holdings with 1.22x and 1.01x returns, respectively. As an early backer of Ola Electric, Matrix Partners first invested in 2018, allowing them to benefit from a lower average cost of acquisition at Rs 8.22 per share. In contrast, Tiger Global’s average cost of acquisition was Rs 11.70 per share, and SoftBank invested at Rs 51.37 per share. Importantly, based on the price band of Rs 72-76 that will be available to the public, the investors above will realize specific returns from Ola Electric. Where will the IPO proceeds be utilized? According to the DRHP, out of the Rs 5,500 crore in fresh funds, Rs 1,227.6 crore will be allocated to capital expenditure, Rs 800 crore to debt payment, and Rs 1,600 crore for research and development. Ola Electric will also invest Rs 350 crore in organic growth initiatives, with the remaining amount will be used for general corporate purposes. Financial standing as of FY24 Ola Electric has shown strong growth over the past two fiscal years, with revenue increasing 13.4 times from Rs 373 crore in FY22 to Rs 5,010 crore in FY24, solely driven by sales of electric scooters. The hyper-growth has come at an efficient cost as its losses rose only 7.6% to Rs 1,584 crore in the last fiscal year (FY24) from Rs 1,472 crore in FY23. Where did Ola Electric spend the most during FY24? The SoftBank-backed firm allocated approximately 70% of its expenses to the cost of materials. Among these costs, cells comprised 32.7%, and power electronics accounted for 14.79%. Motors and other components collectively made up the remaining expense. Notably, out of the total cost of materials, Ola Electric imported 36.86% alone from China ( Rs 1,618 crore) in the form of lithium-ion cells, magnets, amplifiers, and electronic integrated circuits. Revenue breakdown by scooter model and units sold Ola Electric offers its scooter in five variants: Ola S1 Pro (Gen1), Ola S1 Pro (Gen2), Ola S1, Ola S1 Air, and Ola S1X. The company sold 3,29,618 scooters in FY24 which is more than 2X as compared to FY23. Ola S1 pro (Gen1 and Gen2) cumulatively generated 59.62% of the total revenue while Ola S1 Air and Ola S1 X+ added 18.93% and 10.66% of revenue to the company’s coffers. Importantly, the cancellation rate as a percentage of fully paid and confirmed orders rose to 9.14% in FY24, up from 7.69% in FY23. Ola electric has a gross margin of 12.58% while TVS Motos, Eicher Motors, Bajaj Motors and Hero MotoCorp have gross margins 37.65%, 45.69%, 28.92% and 32.49%, respectively.

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